Nayuki’s $655 Million Initial Public Offering

Kirkland & Ellis advised the sponsors and underwriters on the initial public offering of Nayuki Holdings Limited, assisted by Walkers and Davis Polk & Wardwell. Other legal advisers include Global Law Office and Jingtian & Gongcheng.

Nayuki Holdings Limited (HKSE: 2150), a leading premium modern teahouse brand in China, completed the $655 million global offering and listing on the Hong Kong Exchanges and Clearing Limited on June 30, 2021.

Nayuki has opened over 350 stores in 51 cities in China in four years. The company crafts premium teas, grown in their own tea gardens, and European-style baked goods, developed by a professional bakery team from Japan.

The sponsors and underwriters included J.P. Morgan Securities, CMB International Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, Haitong International Securities Company Limited, ABC International, BOCOM International Securities Limited, and Futu Securities International (Hong Kong) Limited.

The Kirkland team was led by transactional partner David Zhang (Picture) and capital markets partners Steve Lin and Mengyu Lu.

The Walkers’ team included Hong Kong partner Jo Lit and Senior Legal Manager Kevin Ho.

The Davis Polk corporate team included partners Yang Chu and Li He, counsel Lillian Lian, counsel – registered foreign lawyer Kevin Zhang, associate Jessica Ng and registered foreign lawyer Yin Wu. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

Involved fees earner: Yang Chu – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Lillian Lian – Davis Polk & Wardwell; Jessica Ng – Davis Polk & Wardwell; Yin Wu – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell; Steve Lin – Kirkland & Ellis; Mengyu Lu – Kirkland & Ellis; David Zhang – Kirkland & Ellis; Kevin Ho – Walkers Global; Jo Lit – Walkers Global;

Law Firms: Davis Polk & Wardwell; Kirkland & Ellis; Walkers Global;

Clients: ABC International Bank; BOCOM International Securities Ltd; CMB International Capital Limited; Futu Securities International; Haitong International Securities Group Limited; Huatai Financial Holdings Limited; J.P. Morgan Securities LLC; Nayuki Holdings Limited ;

Author: Sonia Carcano